Sources say that India's Adani Group is planning 10 GW of overseas hydroelectric projects
Four sources familiar with Adani Group's plans said that the group plans to build ten gigawatts worth of hydroelectric projects overseas in the next few years. This will help the conglomerate achieve its goal of achieving net zero carbon emission by 2050.
The billionaire Gautam Adani announced that his group, which includes businesses ranging from rice to concrete, would invest $100 Billion over the next decade in developing green energy capabilities, including the establishment of the largest solar energy park on the planet in western India.
Sources who declined to name themselves because the discussions are private said that the group is looking at building hydroelectric project in countries like Nepal, Bhutan and Kenya as well as Tanzania, the Philippines and Vietnam.
The group has a focus on India and is interested in countries with favourable topography, as well as those that are high-demanding for hydropower.
According to its website, Adani Group's green energy arm Adani Green Energy operates 11.2 GW in renewable energy projects and plans to increase this capacity to 50GW by 2030.
The Adani Group did not reply to a comment request.
"Evaluation is taking place in several countries." One source said that the group was primarily talking to governments, but also some private parties.
Gautam Adian announced in June that his group had signed a deal with Bhutan's Government for the construction of the 570 Megawatt (MW), hydropower plant located in Bhutan's Chhukha Province.
Two of the sources stated that it is also evaluating the construction of a 700MW project in Chamkarchu, Bhutan. The work can begin immediately, as the required approvals have been obtained.
Sources said that the group has already begun talks with developers who have the rights to build projects in Nepal. They added that electricity from Nepal and Bhutan could be exported to India.
The strong economic growth in India is expected to increase the demand for power.
Sources said that Adani has already identified and worked on feasibility studies for projects in Kenya, Tanzania and Vietnam, where it is also working on detailed project reports and multiple feasibility analyses.
Requests for comment from authorities in Nepal, Bhutane, Kenya, Tanzania and the Philippines as well as Vietnam were not answered.
Adani has announced plans to invest in Vietnam's seaport and renewable energies projects worth $3 billion. It also pledged to lease and operate Kenya's airport for $1.85 billion.
It signed a concession agreement for a container terminal with Tanzania Port Authority earlier this year. Sethuraman N.R., Nidhi V.R. and Elaine Hardcastle edited the article.
(source: Reuters)
